BIG Shopping Center raised 55 million euros at the Israeli stock exchange
BIG Shopping Center raised 55 million euros at the Israeli stock exchange for further expansion in Serbia and the Balkans
Thursday, 21.10.2021.
11:49
BIG Shopping Center raised 55 million euros at the Israeli stock exchange
BIG Shopping Centers Ltd., the controlling shareholder (~95%) of BIG CEE, successfully raised NIS 205 million (approx. EUR 55 million) by issuing secured bonds in the Israeli stock exchange by refinancing the following shopping centers: BIG Fashion Kragujevac, BIG Kruševac and BIG Fashion Outlet Inđija.The bonds have a weighted average maturity of 6.6 years (October 2029), they are not linked to any index and bear an effective annual interest rate of 1.495%, with a Loan-to-Value of 70%.
The bonds were sold mainly to leading institutional Israeli funds after the demand for bonds in the bidding process amounted to over NIS 1 billion (approx. EUR 267 million); namely, the demand exceeded the amount BIG ultimately decided to raise by almost 5 times.
BIG CEE Group is among leading investors in retail real estate, having a portfolio of nine shopping centers in Serbia and four additional residential, office and logistics projects.
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